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The success or failure of any management effort can be easily traced to either "Decisions" or "Execution"aspects or both. However when decisions are made, execution aspects are also taken into consideration. Hence it is generally obvious, decisions have an overwhelming influence on the ultimate outcome.
Business had always been subjected to various variabilities and uncertainties. For instance, interest rate uncertainty and demand variability over time are quite well known. Simulation models capture several more uncertainties, along with several resources and other constraints prevalent in the system and management policies to tackle them. When one experiments with such a simulation model, an insight is obtained on various alternates and their impacts on results. Hence the decision maker gets to have a scientific approach into his decision making, instead of relying on gut feeling or guess work. One need not be overwhelmed about the magnitude of the problem at all. Simulation and computer technology has now matured enough over last 20 years to tackle any problem comfortably within affordable costs. Ordinarily, human mind finds it difficult to tackle more than three variables simultaneously. However when actual decision is requiring consideration of several more factors, sometimes even hundred or more, in the absence of simulation and other models, "best guess" is availed upon. These best guess may turn out to be okay if the guess are made by people of a highly balanced or neutral attitude, mind and intelligence. But the individuals with high level of neutrality are hard to find. In such a situation, we must have a method by which we will have heuristic insight into the system, about which a decision needs to be made. Simulation models play a big part in gaining such insights into the system. Even while building a simulation model itself, one gets to know an overview of the system and its component parts and several insights. But a system is more than sum of its parts. Simulation models do provide such an exposure so that decisions made are within the risk taking capabilities of individuals or corporations. It is hard to explain how sweet a "mango" fruit is. It is better to bite one and feel it. Hence we invite you to explore this enticing field of simulation modelling to enable smarter decisions. We will help you all the way to experiment with simulation models, in your area of choice and make better business decisions.
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Business had always been subjected to various variabilities and uncertainties. For instance, interest rate uncertainty and demand variability over time are quite well known. Simulation models capture several more uncertainties, along with several resources and other constraints prevalent in the system and management policies to tackle them. When one experiments with such a simulation model, an insight is obtained on various alternates and their impacts on results. Hence the decision maker gets to have a scientific approach into his decision making, instead of relying on gut feeling or guess work. One need not be overwhelmed about the magnitude of the problem at all. Simulation and computer technology has now matured enough over last 20 years to tackle any problem comfortably within affordable costs. Ordinarily, human mind finds it difficult to tackle more than three variables simultaneously. However when actual decision is requiring consideration of several more factors, sometimes even hundred or more, in the absence of simulation and other models, "best guess" is availed upon. These best guess may turn out to be okay if the guess are made by people of a highly balanced or neutral attitude, mind and intelligence. But the individuals with high level of neutrality are hard to find. In such a situation, we must have a method by which we will have heuristic insight into the system, about which a decision needs to be made. Simulation models play a big part in gaining such insights into the system. Even while building a simulation model itself, one gets to know an overview of the system and its component parts and several insights. But a system is more than sum of its parts. Simulation models do provide such an exposure so that decisions made are within the risk taking capabilities of individuals or corporations. It is hard to explain how sweet a "mango" fruit is. It is better to bite one and feel it. Hence we invite you to explore this enticing field of simulation modelling to enable smarter decisions. We will help you all the way to experiment with simulation models, in your area of choice and make better business decisions.
+ Read More
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